| Re: Insurance pros and cons..... |
Subject: Re: Insurance pros and cons..... by bogus on 2008/5/21 14:32:45 Quote:
lemme try here. car is totaled. That is assessed when the repair cost exceeds 80% of the wholesale value (or near enough). No matter WHO totals it - your company or theirs - you have the right to re-buy the wreck. Most of the time it's not worth it. You don't have the resources to part it out properly, to be honest. I know I don't. Finally, the insurance companies base their payoffs on the expected retail of the car. Not a wholesale price. Here is how it works (or how it worked for me when my niece totaled my 1992 Prelude in 1994). She was driving my car, my insurance covered it. It was really easier that way. They assessed the car was totaled (duh!). They then ran a "CCC" evaluation. That process determines what a dealership would expect to sell a like vehicle for in like condition. Not what they would ASK for it, but what they actually would expect to resell it at. If the original assessed value is low, have them run a CCC on it to determine value. You can also protest that check. You are not required to take it. Do your research and go back to the insurance company with ads for other cars that match yours. Get a bunch from all over the country, not just your area. With Corvettes, they are a national commodity, not like an Impala... The laws to very from state to state, but the above process seems pretty standardized. |
